Understanding dimensions of customer-based brand equity in banks

The present study is an attempt to determine the dimensions of customer-based brand equity in an emerging market like India. Measures for the study were developed based on the previous literature. A well-structured questionnaire was administered to customers of banks in a metropolitan city of India. Dimensions of customer-based brand equity were generated using exploratory factor analysis. The results highlighted tangibles, communication and competence; trust and brand image; reliability and responsiveness; and customer satisfaction as dimensions of customer-based brand equity for banks. Further, these brand equity dimensions were found to have a significant relationship with bank recommendation. Banks need to build a strong brand equity by improving upon service quality, providing better infrastructure, providing access to banking services, and incorporating technology for delivering better service in promised time.